Energy idea aims to store success as it plans beyond current prototype

AN Adelaide company developing energy storage technology is readying itself for an Australian Stock Exchange listing.

Luke Griffiths

The AdvertiserFebruary 10, 20177:30pm

1414 Degrees’ executive chairman Kevin Moriarty is preparing for his company to be listed on the ASX. Picture: Tricia Watkinson.Source:News Corp Australia

AN Adelaide company developing energy storage technology is readying itself for an Australian Stock Exchange listing.

The quarterly report from 1414 Degrees (previously known as Latent Heat Storage) laid out the company’s plan to design and build its first commercial products. This follows the launch of a prototype in September, which executive chairman Kevin Moriarty said had produced better than expected results in the early stages of testing.

“The commissioning of our Thermal Energy Storage System (TESS) prototype established the viability of storing and retrieving electrical energy at the very high temperature of molten silicon, unlocking its unique combination of high latent energy density and efficiency,” he said.

“The technology clearly works and can now be extended to commercial scale. One challenge is to size the commercial TESS products according to market requirements.”

The technology would allow intermittent energy such as solar and wind to be “time-shifted” to when it is needed, by allowing excess solar or wind power generated when it is not needed to be stored for later use.

“Our technology is suited to the middle of the capacity scale where there are few viable technologies, and none are yet commercial,” Dr Moriarty said.

“A crucial requirement for success of larger scale storage is it be economical, and our products will cost about 10 times less than batteries at the scales we have chosen.”

Dr Moriarty said another advantage of 1414’s products is scalability to meet differing requirements.

“Accordingly, we decided on a modular approach allowing us to service markets ranging from district heating, farms or factories to city grids and wind farms requiring gigawatt-hours,” he said.

“The two modules have storage capacities of 10MWh and 200MWh, with scalable energy recovery technology.

“We estimate these first commercial storage modules can be built for less than $10 million and qualify for government co-funding and rebates of 40-50 per cent.”

The company’s preferred business model is to retain ownership of the TESS by licensing to operating companies that earn income from the energy flows.

“1414 Degrees will have an equity stake in these companies, thus building long term cash flows,” Dr Moriarty said.

Towards the end of last year, the company raised more than $500,000 via a debt to equity program. These funds are allowing 1414 to use the prototype to test materials and configurations for the larger modules and patent applications covering a series of technological advances.

In preparation for an ASX listing, 1414 has appointed experienced accountant Pierre van der Merwe as its chief financial officer.